TCRAP_Public/091221.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Monday, December 21, 2009, Vol. 12, No. 251

                            Headlines



A U S T R A L I A

BABCOCK & BROWN: IMF Agrees to Fund AU$9.5 Mil. Claim
CENTRO PROPERTIES: Extends AU$370 Million CMBS Facility


C H I N A

FERROCHINA LTD: Singapore Stock Exchange Wants Shares Delisted
JIANLIBAO GROUP: Former Executives Jailed for Embezzling Funds
SINO-FOREST CORPORATION: Fitch Assigns 'BB+' Senior Notes Rating


H O N G  K O N G

ACTAD (FAR EAST): Final Meetings Set for January 13
ATHENEE CDO: S&P Corrects Ratings on 11 Series of Notes
BETEK F&B: Creditors' Proofs of Debt Due January 11
BRENCOURT ASIA: Members' Final Meeting Set for January 12
BURGESS DEFOND: Creditors' Proofs of Debt Due January 21

CHIEFUND INVESTMENT: Members' and Creditors Meeting Set for Jan. 8
ELEGANT CLEANING: Placed Under Voluntary Wind-Up Proceedings
ERAMET CHINA: Members' Final Meeting Set for January 11
ERSTE VIENNA: Members' Final Meeting Set for January 12
GORSSET LIMITED: Seng and Yuk Step Down as Liquidators

GUANGDONG INT'L: Members' and Creditors Meeting Set for Jan. 8
GUANG XIN: Members' and Creditors Meeting Set for January 8
HILLWAY LOGISTICS: Placed Under Voluntary Wind-Up Proceedings
I2K.COM LIMITED: Members' Final Meeting Set for January 21
MEDIA PARTNERS INT'L: Members' Final Meeting Set for January 12

MEGASAFE ENGINEERING: Creditors' Proofs of Debt Due January 11
NEW GLOBAL: Kenny King Ching Tam Step Down as Liquidator
PROSPERITY HANDBAGS: Creditors' Proofs of Debt Due February 1
SHENZHEN TOOLING: Creditors' Proofs of Debt Due January 11
TITANIUM GROUP: Posts HK$2.3 Million Net Loss in Q3 2009

* HONG KONG: Bankruptcy Petitions Rise to 1,005 in November


I N D I A

AAISWARYA PRINTS: CRISIL Rates INR97.5MM Term Loan at 'BB+'
ANDAMAN SEA: CRISIL Assigns 'B-' Rating on INR2.5MM Cash Credit
AVENUES PHARMACEUTICALS: CRISIL Puts 'BB' Rating on Bank Debts
AXIS BANK: Moody's Upgrades Deposit Ratings to 'Ba1'
BANK OF BARODA: Moody's Upgrades Deposit Ratings to 'Ba1'

BANK OF INDIA: Moody's Upgrades Deposit Ratings to 'Ba1'
CANARA BANK: Moody's Upgrades Deposit Ratings to 'Ba1'
IN TRADING: CRISIL Rates INR35 Mil. Term Loan at 'BB-'
INDO GLOBAL: Low Net Worth Prompts CRISIL 'BB+' Ratings
SAINEST TUBES: CRISIL Assigns 'BB-' Rating on INR58MM LT Loan

SHEKHAWATI POLY-YARN: CRISIL Rates INR125MM LT Loan at 'BB-'
SIDDHI VINAYAK: CRISIL Assigns 'BB-' Rating on INR2.7MM LT Loan
SURIYA TEXTILE: Delays in Loan Repayment Cue CRISIL Junk Ratings
THIRUPUR SURIYA: CRISIL Downgrades Rating on Various Bank Debts
TIRUPPUR SURYA: CRISIL Cuts Ratings INR255.7MM LT Loans to 'B+'

TATA MOTORS: Global Auto Sales Up 62% in November 2009


I N D O N E S I A

BAKRIE SUMATERA: Moody's Notes US$518 Mil. Issuance of Rights
EXCELCOMINDO PRATAMA: S&P Gives Stable Outlook; Keeps 'BB-' Rating


J A P A N

JAPAN AIRLINES: Delta Open to Partner with Third Party in JAL Bid
JAPAN AIRLINES: To Stop Employing Ex-Managers as Advisers


K O R E A

HYUNDAI MOTOR: To Set Up 50/50 Joint Venture with China's Baotou


M A L A Y S I A

IDAMAN UNGGUL: Bursa Delists Securities Effective December 23
IDAMAN UNGGUL: To Hold 5th Annual General Meeting on Jan. 21
STAMFORD COLLEGE: Request for Arbitration Forwarded
TALAM CORP: Sells 100% Stake in Seaview Plantations for MYR2,000


N E W  Z E A L A N D

CAPITAL + MERCHANT: Goes Into Liquidation; Owes NZ$167 Million


S I N G A P O R E

AXS-ONE PTE: Creditors' Proofs of Debt Due January 18
BG CASTING: Creditors' Proofs of Debt Due January 18
BRILLIANT MAGNESIUM: Creditors' Proofs of Debt Due January 18
INTEGRAL BUILDING: Court Enters Wind-Up Order
ITALIAN FOOD: Creditors' Proofs of Debt Due January 18

JANN JIAR: Court to Hear Wind-Up Petition on January 8
KIDEAS HOLDINGS: Court to Hear Wind-Up Petition on January 15
KINDRED PTE: Creditors' Proofs of Debt Due January 29
MAX ELECTROMART: Court Enters Wind-Up Order
QUANTEC REALTY: Creditors Get 10.5% Recovery on Claims

SINGAPORE COMPONENT: Creditors' Proofs of Debt Due January 13
SUBSEA FLUIDS: Court Enters Wind-Up Order
TAN PENG: Creditors Get 1.09917% Recovery on Claims
UNI-BULK SERVICES: Court Enters Wind-Up Order


T A I W A N

WATERLAND FINANCIAL: Fitch Gives Stable Outlook; Keeps All Ratings




                         - - - - -


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BABCOCK & BROWN: IMF Agrees to Fund AU$9.5 Mil. Claim
-----------------------------------------------------
Litigation funder IMF (Australia) Ltd said it has agreed to fund
Babcock & Brown Ltd's claim that it is entitled to approximately
AU$9.5 million held pursuant to the company's Executive
Achievement Share Trust Deed.

The proceedings are being conducted in California, U.S.

Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- http://www.babcockbrown.com/-- is a global
alternative asset manager specializing in the origination and
management of asset in sectors, where the company has a franchise
and proven track record, and where there are opportunities to add
scale, infrastructure, air operating leasing and selected real
estate.  Babcock & Brown operates from 31 offices across
Australia, North America, Europe, Asia and the United Arab
Emirates.  The company has established a specialized funds and
asset management platform across the operating divisions that have
resulted in the establishment of a number of listed and unlisted
focused investment vehicles in areas, including real estate,
renewable energy and infrastructure.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 13, 2009, Babcock & Brown appointed voluntary administrators
after investors in the company's subordinated notes listed in
New Zealand voted on March 13 against a special resolution to
restructure the terms of the notes.  Under the special resolution,
the company's equity and subordinated note holders won't receive
any return.  Babcock & Brown appointed David Lombe and Simon
Cathro of Deloitte Touche Tohmatsu as Voluntary Administrators.

The TCR-AP reported on Aug. 25, 2009, that Babcock & Brown Ltd
creditors voted to liquidate the assets of the company.  Deloitte
said the vote empowers it to investigate matters surrounding the
collapse of the group, including potential conflicts of interest
between the boards of Babcock & Brown and affiliated company
Babcock & Brown International Pty. Ltd. which held most of the
group's assets.


CENTRO PROPERTIES: Extends AU$370 Million CMBS Facility
-------------------------------------------------------
Centro Properties Group said that noteholders in Centro Shopping
Centre Securities Limited CMBS Series 2006-1 have agreed to extend
five loans that mature in December 2009.

The December 2009 facilities total AU$370 million.  As part of the
extension, approximately AU$45 million of the loan will be repaid
through proceeds from asset sales with the outstanding AU$325
million extended to December 2010 (AU$52 million) and December
2011 (AU$273 million).

The Centro Shopping Centre Securities CMBS 2006-1 is a Commercial
Mortgage Backed Security program that issued AU$900 million of
notes into the market in December 2006.  The program is
underpinned by 13 commercial property loans to Centro managed
funds.  The Loans had a staggered maturity profile with facilities
maturing December 2009, December 2010 and December 2011.

"The support from CMBS noteholders to extend the facilities
demonstrates a degree of renewed confidence from the CMBS market
in Australian retail property and the quality of centres owned by
Centro funds,? Centro CEO, Glenn Rufrano, said in a statement.

"Across the group, Centro has completed almost $1 billion of
Australian refinancing in FY10 to date.  This has been a pleasing
result for Centro and its managed funds and the level of support
received in refinancing these quality retail assets is
encouraging.  This marks the completion of the major refinancings
for CER and the Centro MCS Syndicates for FY10," Mr. Rufrano said.

              Debt Restructuring Advisers' Shortlist

Bloomberg News, citing the Australian Financial Review, meanwhile
reports that Macquarie Group Ltd., UBS AG and a combined pitch
from JPMorgan Chase & Co. and Moelis & Co. are on a shortlist of
banks to advise Centro Properties on a restructure of its AU$20
billion (US$17.8 billion) in property assets.

Bloomberg relates the newspaper reported in its Street Talk column
that Centro's Chairman Paul Cooper may decide on the adviser by
Christmas.

                      About Centro Properties

Centro Properties Group (ASX:CNP)-- http://www.centro.com.au/--
is a retail investment organization specializing in the
ownership, management and development of retail shopping
centres.  Centro manages both listed and unlisted retail
property and has an extensive portfolio of shopping centres
across Australia, New Zealand and the United States.  Centro has
funds under management of US$24.9 billion.

                         *     *     *

Centro owes its creditors as much as AU$6.6 billion and its
deadline to repay these debts has been extended four times since
December 2007, when the company's market value plunged.

On Jan. 16, 2009, the TCR-AP reported that Centro Properties Group
obtained a three-year extension on its AU$3.9 billion of the
senior syndicated debt facility.  It also obtained extension of
the debt facilities within Super LLC (Centro's US joint venture
investment with Centro Retail Trust (CER) and CMCS 40).


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FERROCHINA LTD: Singapore Stock Exchange Wants Shares Delisted
---------------------------------------------------------------
Yee Kai Pin at Bloomberg News reports that the Singapore stock
exchange wants to delist FerroChina Ltd's shares, which had been
suspended since last year.

Bloomberg relates FerroChina said in a statement that the
Singapore stock exchange has asked for a delisting "by way of a
cash exit offer."  The exchange has rejected any further extension
for FerroChina to submit a so-called resumption proposal, the
report notes.

FerroChina is seeking to "salvage value" for shareholders
through a so-called reverse takeover of an unidentified Chinese
company, according to Ferrochina's statement obtained by
Bloomberg.  If the exchange agreed to allow further time,
FerroChina and the target company may agree to a sale by March 10,
it said.

Bloomberg says the company has also received a demand from BNP
Paribas (China) Ltd. for CNY96.6 million (US$14.2 million) that
was owed by a subsidiary, Changshu Xingdao Advanced Building-
Material Co.

The company is appealing the decision, according to Bloomberg.

                           Loan Default

In November 2008, the company said due to the current economic
crisis, it is unable to repay part of its working capital loans
aggregating approximately CNY706 million which has become due and
payable.  As a result, further loan facilities and notes of
approximately CNY2.03 billion may potentially become due and
payable.

There are some other working capital loans of CNY2.49 billion
which may also become due and payable, the company said.

                   Court Proceedings by Creditors

In a 2008 press statement, the company said that various creditors
of the company's PRC subsidiaries, including lenders and
suppliers, have commenced PRC court proceedings to claim for
amounts owing by these subsidiaries.  The subsidiaries involved
comprise:

   (a) Changshu Xinghai Advanced Building Material Co., Ltd;

   (b) Changshu Xingyu Advanced Building Material Co., Ltd;

   (c) Changshu Xingdao Advanced Building Material Co., Ltd;

   (d) Changshu Everbright Material Technology Co., Ltd;

   (e) Tianjin Everbright Material Technology Co., Ltd; and

   (f) Changshu Changgang Steel Plate Co., Ltd

In addition, the company said it faces a total of 169 lawsuits
with an aggregate claim amount of approximately RMB4.47 billion.

                      Appointment of Receivers

PricewaterhouseCoopers Singapore was appointed as receiver over
the shares of the company's wholly-owned subsidiaries:

   (a) Trigo Lucky, being the immediate holding company
       of Xinghai and Xingyu; and

   (b) Twin Well, being the immediate holding company
       of Xingdao,

pursuant to a debenture granted by the company in favor of
Citibank, N.A., London Branch acting as notes trustee in respect
of US$130 million guaranteed notes due 2011 issued by the company.

                          About FerroChina

FerroChina Limited (SIN:F33) -- http://www.ferro-china.com/-- is
an independent flat steel value-added processors in China. Its
subsidiaries are engaged in the production and sale of galvanized
steel coils and other related products; production and sale slab
billet and other related products, and investment holding.  The
Company's customers are steel trading companies, steel structure
engineering companies and steel processing companies in China
covering industries including construction, agricultural,
infrastructure, consumer electronics, automobiles spare parts,
computer parts, building materials and industrial applications


JIANLIBAO GROUP: Former Executives Jailed for Embezzling Funds
--------------------------------------------------------------
Three former executives of beverage maker Jianlibao Group have
been sentenced to jail in China's Guangdong province for stealing
from the company's staff welfare fund, Xinhua News reports.

The Intermediate People's Court of Foshan spokesman said Jianlibao
former vice presidents Yang Shiming received an 18-year sentence
and Li Qingyuan and Ruan Juyuan were each sentenced to 14 years.
They were also fined CNY150,000 (US$20,000) each.

According to the report, the three were charged with embezzling
CNY11 million from the employee welfare fund to buy insurance for
themselves, former group chairman Li Jingwei and another former
vice president Yu Shanfu in June 2000.

The news agency relates the spokesman said the court had suspended
the hearing of Mr. Li due to illness.

Xinhua relates that the court also heard Mr. Yang took bribes
worth CNY100,000 in 1997, when he was in charge of renovation of
the company's office building.  Mr. Yang was convicted of
embezzling CNY130,000 of the corporate fund in 2001, when the
former State-owned company was transferred to a shareholding
company, the report says.

Jianlibao Group, once China's biggest beverage maker, was taken
over by Taiwan-based Uni-President Group in 2005.  The company
suffered a loss of CNY39.88 million in 2008.


SINO-FOREST CORPORATION: Fitch Assigns 'BB+' Senior Notes Rating
----------------------------------------------------------------
Fitch Ratings has assigned Sino-Forest Corporation's
US$460 million convertible senior notes due 2016 a final 'BB+'
rating.  This follows the receipt of documents conforming to
information already received.

The final rating is in line with the expected rating assigned on 2
December 2009.


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H O N G  K O N G
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ACTAD (FAR EAST): Final Meetings Set for January 13
---------------------------------------------------
Contributories and creditors of Actad (Far East) Company Limited
will hold their final meetings on January 13, 2010, at 11:00 a.m.,
and 11:30 a.m., respectively at the 18/F, 1801 Wing On House, 71
Des Voeux Road, Central, in Hong Kong.

At the meeting, Wong Teck Meng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


ATHENEE CDO: S&P Corrects Ratings on 11 Series of Notes
-------------------------------------------------------
Standard & Poor's Ratings Services corrected its ratings on 11
series of notes issued by Athenee CDO PLC.

The ratings on the notes had been lowered on Nov. 25, 2009,
following S&P's criteria update on corporate collateralized debt
obligations.  However, the analysis performed in the Nov. 25,
2009, downgrades included a particular defaulted reference entity
in the portfolios of the affected series, which has now been
removed after S&P received additional information from the
arranger.  Due to the removal of this entity from the portfolios,
S&P has raised the ratings on the 11 series.

                        Ratings Corrected

    Deal Name                        Ratings From   Ratings To
    ---------                        ------------   ----------
    Athenee CDO PLC Series 2007-2    B-             B+
    Athenee CDO PLC Series 2007-3    CCC+           B+
    Athenee CDO PLC Series 2007-4    CCC            B
    Athenee CDO PLC Series 2007-5    CCC            B-
    Athenee CDO PLC Series 2007-6    CCC            B
    Athenee CDO PLC Series 2007-7    CCC            B
    Athenee CDO PLC Series 2007-8    CCC+           B+
    Athenee CDO PLC Series 2007-9    B-             B+
    Athenee CDO PLC Series 2007-12   CCC+           B-
    Athenee CDO PLC Series 2007-14   CCC+           B
    Athenee CDO PLC Series 2007-15   B-             B+


BETEK F&B: Creditors' Proofs of Debt Due January 11
---------------------------------------------------
Creditors of beTek F&B HongKong Co., Limited, which is in members
voluntary liquidation, are required to file their proofs of debt
by January 11, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on December 11, 2009.

The company's liquidator is:

         Poon Wai Hung Richard
         Harbour Centre, Room 1410, 14/F
         No. 25 Harbour Road
         Wanchai, Hong Kong


BRENCOURT ASIA: Members' Final Meeting Set for January 12
---------------------------------------------------------
Members of Brencourt Asia Limited will hold their final meeting on
January 12, 2010, at 10:00 a.m., at the 18/F, 1801 Wing On House,
71 Des Voeux Road, Central, in Hong Kong.

At the meeting, Wong Teck Meng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


BURGESS DEFOND: Creditors' Proofs of Debt Due January 21
--------------------------------------------------------
Creditors of Burgess Defond Limited, which is in members voluntary
liquidation, are required to file their proofs of debt by Jan. 21,
2010, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on December 4, 2009.

The company's liquidators are:

         Stanley Tsang Ming Chit
         Cheung Tsun Ching
         Chaiwan Industrial Centre, 5th Floor
         20 Lee Chung Street
         Chaiwan, Hong Kong


CHIEFUND INVESTMENT: Members' and Creditors Meeting Set for Jan. 8
------------------------------------------------------------------
Members and creditors of Chiefund Investment Company Limited will
hold their annual meetings on January 8, 2010, at 11:30 a.m., and
12:00 p.m., respectively at 8/F, Prince?s Building, 10 Chater
Road, Central, in Hong Kong.

At the meeting, Jacky CW Muk and Gabriel CK Tam, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


ELEGANT CLEANING: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on December 4, 2009,
creditors of Elegant Cleaning Services Company Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Lee King Yue
         Two International Finance Centre, 72-76/F
         8 Finance Street
         Central, Hong Kong


ERAMET CHINA: Members' Final Meeting Set for January 11
-------------------------------------------------------
Members of Eramet China Limited will hold their final general
meeting on January 11, 2010, at 10:00 a.m., at Tour Maine
Montparnasse, 33 Avenue de Maine, 75755 Paris Cedex 15, in France.

At the meeting, Yu Shing Ko, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


ERSTE VIENNA: Members' Final Meeting Set for January 12
-------------------------------------------------------
Members of Erste Vienna (Asia/Pacific) Limited will hold their
final meeting on January 12, 2010, at 10:00 a.m., at 20/F Henley
Building, 5 Queen?s Road Central, in Hong Kong.

At the meeting, John Robert Lees and Mat Ng, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


GORSSET LIMITED: Seng and Yuk Step Down as Liquidators
-----------------------------------------------------
Natalia Seng Sze Ka Mee and Cheng Pik Yuk stepped down as
liquidators of Gorsset Limited on December 2, 2009.


GUANGDONG INT'L: Members' and Creditors Meeting Set for Jan. 8
--------------------------------------------------------------
Members and creditors of Guangdong International Trust &
Investment Corporation Hong Kong (Holdings) Limited will hold
their annual meetings on January 8, 2010, at 9:00 a.m., and 9:30
a.m., respectively at 8/F, Prince?s Building, 10 Chater Road,
Central, in Hong Kong.

At the meeting, Jacky CW Muk and Gabriel CK Tam, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


GUANG XIN: Members' and Creditors Meeting Set for January 8
-----------------------------------------------------------
Members and creditors of Guang Xin Enterprises Limited will hold
their annual meetings on January 8, 2010, at 9:15 a.m., and 10:30
a.m., respectively at 8/F, Prince?s Building, 10 Chater Road,
Central, in Hong Kong.

At the meeting, Jacky CW Muk and Gabriel CK Tam, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


HILLWAY LOGISTICS: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------------
At an extraordinary general meeting held on December 1, 2009,
creditors of Hillway Logistics Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Chan Man Chung
         280 Portland Street Commercial Building
         Room 2401, 24/F
         276-280 Portland Street
         Mongkok, Kowloon


I2K.COM LIMITED: Members' Final Meeting Set for January 21
----------------------------------------------------------
Members of i2k.com Limited will hold their final meeting on
January 21, 2010, at 4:00 p.m., at the Room 2429, 24/F., Sun Hung
Kai Centre, 30 Harbour Road, Wanchai, in Hong Kong.

At the meeting, Lau Wing Ling, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


MEDIA PARTNERS INT'L: Members' Final Meeting Set for January 12
---------------------------------------------------------------
Members of Media Partners International Holdings Limited, which is
in members voluntary liquidation, will hold their final meeting on
January 12, 2010, at 10:00 a.m., at the 7th Floor, Alexandra
House, 18 Chater Road, Central, in Hong Kong.

At the meeting, Philip Brendan Gilligan, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


MEGASAFE ENGINEERING: Creditors' Proofs of Debt Due January 11
--------------------------------------------------------------
Creditors of Megasafe Engineering Limited, which is in members
voluntary liquidation, are required to file their proofs of debt
by January 11, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on December 11, 2009.

The company's liquidator is:

         Cheng Alexander Chiu Wang
         Argyle Centre, Room 810
         688 Nathan Road
         Kowloon


NEW GLOBAL: Kenny King Ching Tam Step Down as Liquidator
--------------------------------------------------------
Kenny King Ching Tam stepped down as liquidator of New Global
Development Limited on December 1, 2009.


PROSPERITY HANDBAGS: Creditors' Proofs of Debt Due February 1
-------------------------------------------------------------
Prosperity Handbags & Footwear Limited, which is in members
voluntary liquidation, requires its creditors to file their proofs
of debt by February 1, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on December 7, 2009.

The company's liquidator is:

         Lau Hak Lap
         CNT Commercial Building, 6th Floor
         302 Queen?s Road
         Central, Hong Kong


SHENZHEN TOOLING: Creditors' Proofs of Debt Due January 11
----------------------------------------------------------
Creditors of Shenzhen Tooling And Equipment Supplies Limited,
which is in members voluntary liquidation, are required to file
their proofs of debt by January 11, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on December 1, 2009.

The company's liquidators are:

         Au Yan Alfred
         Hang Wai Commercial Building, 24/F
         231-233 Queen?s Road East
         Wanchai, Hong Kong


TITANIUM GROUP: Posts HK$2.3 Million Net Loss in Q3 2009
--------------------------------------------------------
Titanium Group Limited reported a net loss of HK$2,311,607 on
total revenue of HK$462,507 for the three months ended
September 30, 2009, compared with net income of HK$93,342 on total
revenue of HK$2,802,652 for the same period last year.

The Company reported a net loss of HK$7,063,311 on total revenue
of HK$2,315,025 for the nine months ended September 30, 2009,
compared with a net loss of HK$2,839,225 on total revenue of
HK$6,223,350 for the same period last year.

At September 30, 2009, the Company's consolidated balance sheets
showed total assets of HK$8,073,321, total liabilities of
HK$14,998,228, and shareholders' deficit of HK6,924,907.

The Company's consolidated balance sheets at September 30,2009,
also showed strained liquidity with HK$2,247,331 in total current
assets available to pay HK$4,273,191 in total current liabilities.

A full-text copy of the Company's consolidated balance sheets is
avialalbe for free at http://researcharchives.com/t/s?4bf2

                        Going Concern Doubt

As of September 30, 2009, the Company had incurred a net loss of
HK$7,058,022 and an accumulated deficit of HK$17,783,936.
Additionally, the Company has incurred substantive losses over the
past several years and has a capital deficit of HK$6,924,907.

Also, ass a result of the losses incurred during the last two
fiscal years and the accumulated deficit of HK$10,725,914 at
December 31, 2008, the report of the Company's independent
registered public accounting firm on the financial statements for
the year ended December 31, 2008, included an explanatory
paragraph indicating substantial doubt as to the Company's ability
to continue as a going concern.

                       About Titanium Group

Based in Kennedy Town, Hong Kong, Titanium Group Limited (OTC:
TTNUF) through its subsidiary companies, Titanium Technology
Limited and Titanium Technology (Shenzhen) Co., Ltd., mainly focus
in the development of advanced biometric technology and
installation and implementation of advanced facial based biometric
identification and security projects for law enforcement, mass
transportation, and other government and private sector customers.


* HONG KONG: Bankruptcy Petitions Rise to 1,005 in November
-----------------------------------------------------------
Bankruptcy petitions in Hong Kong rose to 1,005 in November from
992 in October, Bloomberg News reports citing the Official
Receiver's Office.  Compulsory winding-up petitions, meanwhile,
dropped to 44% in November from 60 a month earlier, Bloomberg
says.


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AAISWARYA PRINTS: CRISIL Rates INR97.5MM Term Loan at 'BB+'
-----------------------------------------------------------
CRISIL has assigned its rating of 'BB+/Stable' to Aaiswarya Prints
Dyeing & Printing Mills Pvt Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR70.0 Million Cash Credit Limit     BB+/Stable (Assigned)
   INR97.5 Million Term Loan             BB+/Stable (Assigned)

The rating reflects Aaiswarya Prints' exposure to risks relating
to large, debt-funded capital expenditure (capex), geographical
concentration in revenue profile, and to small scale of
operations, and intense competition, in the dyeing and printing
industry.   These weaknesses are partially offset by Aaiswarya
Prints' moderate financial risk profile, and the benefits that the
company derives from its promoters' experience in the dyeing and
printing business, and strong relationships with customers.

Outlook: Stable

CRISIL believes that Aaiswarya Prints will continue to benefit
from the established relationships with customers and the
promoters' experience in the dyeing and printing business.   The
outlook may be revised to 'Positive' if the company's cash
accruals increase, backed by a scale-up in operations, or if its
capital structure improves considerably.   Conversely, the outlook
may be revised to 'Negative' if Aaiswarya Prints' financial risk
profile deteriorates, owing to large debt-funded capex, or sharp
decline in debt protection measures over the medium term.

                      About Aaiswarya Prints

Set up in April 1999, by Mr.   Ramesh Dumasia, Aaiswarya Prints is
a processing house, which undertakes dyeing and printing of a
variety of polyester fabric.  Currently, the company has a total
fabric processing capacity of 1.2 million metres per day.

Aaiswarya Prints reported a profit after tax (PAT) of INR18.7
million on net sales of INR621 million for 2007-08 (refers to
financial year, April 1 to March 31), as against a PAT of INR6.1
million on net sales of INR379 million for 2006-07.


ANDAMAN SEA: CRISIL Assigns 'B-' Rating on INR2.5MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to Andaman Sea
Foods Pvt Ltd's bank facilities.

   Facilities                                 Ratings
   ----------                                 -------
   INR2.5 Million Cash Credit                 B-/Stable (Assigned)

   INR115 Million Export Packing Credit/
   Packing Credit in foreign currency*#       B-/Stable (Assigned)

   INR205 Million Working Capital Demand      B-/Stable (Assigned)
                   Loan
   INR23 Million Funded Interest Term Loan    B-/Stable (Assigned)

   INR5.8 Million Proposed Long Term          B-/Stable (Assigned)
                  Facility

   INR22.5 Million Foreign Bills Discounting/   P4 (Assigned)
               Export Bills Receivable*

   INR30 Million Standby Line of Contract@      P4 (Assigned)

   INR30 Million Letter of Credit$              P4 (Assigned)

   INR10 Million Bank Guarantee$                P4 (Assigned)

   *Interchangeable between EPC/PCFC and FBD/EBR.

   #Interchangeable between EPC/PCFC and cash credit.

    @To be utilized as EPC/PCFC or FBD/EBR.

    $Up to 50% of amount interchangeable from BG to LC, and up to
     25% of amount interchangeable from LC to BG, within the total
     non-fund-based limit of INR40 million.

The ratings reflect ASFPL's below-average financial risk profile,
susceptibility to risks inherent in the seafood industry, and
exposure to fluctuations in foreign exchange rates.  These
weaknesses are partially offset by the company's established
position in the seafood-export business and its healthy operating
efficiency.

Outlook: Stable

CRISIL believes that ASFPL will continue to benefit from the
healthy demand for Indian shrimp in the global market, over the
medium term.  The company will also maintain its moderate
operating efficiency.   The outlook may be revised to 'Positive'
if ASFPL's scale of operations, operating margin, and realizations
increase substantially.  Conversely, the outlook may be revised to
'Negative' if the company undertakes a large, debt-funded capital
expenditure program, leading to deterioration in its capital
structure, or if its volumes or margin decline steeply.

                        About Andaman Sea

Set up in 1995 in Kolkata by Mr. Amit Ranjan Mukherjee, ASFPL
processes and exports cultured shrimp and fish.  It primarily
caters to the Europe, the US, Japan, and the UAE markets.  The
company procures shrimp from aquaculture farmers and agents, and
has the shrimp processed on job-work basis.

ASFPL reported a net losses of INR193 million on net sales of
INR452.20 million for 2008-09 (refers to financial year, April 1
to March 31), against a net profit of INR6.89 million on net sales
of INR462.20 million for 2007-08.


AVENUES PHARMACEUTICALS: CRISIL Puts 'BB' Rating on Bank Debts
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Avenues Pharmaceutical
Associates continues to reflect Avenues Pharma's moderate
financial risk profile marked by moderate debt protection
measures, and limited financial flexibility because of high bank
limit utilization..  The impact of these weaknesses is mitigated
by the firm's established market presence and the benefits that it
derives from the vast experience of its promoters, and its robust
technological and logistics infrastructure.

   Facilities                              Ratings
   ----------                              -------
   INR180.0 Million Cash Credit            BB/Stable
   (Enhanced from INR145.0 Million)
   INR10.0 Million Stand by Line           BB/Stable (Reaffirmed)
         of Credit

Outlook: Stable

CRISIL believes that Avenues Pharma will maintain its business
risk profile on the back of established relationships with key
customers and suppliers, and the steady growth in demand for
pharmaceutical products.  The outlook may be revised to 'Positive'
if the firm's gearing, operating margins, and debt protection
measures, improve significantly.  Conversely, the outlook may be
revised to 'Negative' if Avenues Pharma undertakes large debt-
funded capital expenditure programme, or reports sharp
deterioration in operating margins or debt protection measures.

Summary Update

Avenues Pharma has maintained its business risk profile.
However, its gearing continued to be above 2 times as on March 31,
2009; short-term bank borrowings account for the entire debt.  The
bank limit utilisation was high, at above 80 per cent, during
January 2009 and September 2009.   The debt protection metrics
remained under pressure because of slender profitability, coupled
with a high gearing.

For 2008-09, Avenues Pharma reported net sales of INR821.1
million, against INR739.1 million in the previous year.

                      About Avenues Pharma's

Set up in 1978 by Mr. K G Subbaraj as a partnership firm, Avenues
Pharma is engaged in the distribution of pharmaceutical products.
The entity is a stockist for GlaxoSmithkline, MSD, Astrazeneca,
Allergan India Pvt Ltd, Ranbaxy Laboratories Ltd, Pfizer Ltd,
Sanofi Aventis, Sanofi Pasteur, Galderma, Wyeth and Johnson &
Johnson Ltd, among others.  The firm is also a super stockist for
Bio-med Ltd, and consignee agent for Albert David Ltd.


AXIS BANK: Moody's Upgrades Deposit Ratings to 'Ba1'
----------------------------------------------------
Moody's Investors Service has upgraded the long-term foreign
currency deposit ratings of 14 Indian banks to Ba1 from Ba2,
following Moody's recent upgrade of India's FC deposit ceiling.
This rating action takes into account the fact that all Indian
banks have a global local currency deposit rating higher than Ba1,
and thus their FC deposit ratings have been constrained by India's
FC deposit ceiling.

The upgrade of the long-term foreign currency bank deposit ratings
to Ba1 with stable outlook from Ba2 affects these banks: Axis Bank
Ltd, Bank of Baroda, Bank of India, Canara Bank, Central Bank of
India, Export-Import Bank of India, HDFC Bank Ltd, ICICI Bank Ltd,
IDBI Bank Ltd, Oriental Bank of Commerce, Punjab National Bank,
State Bank of India, Syndicate Bank and Union Bank of India.  The
other ratings assigned to these banks are unaffected by this
rating action.

The last rating action for Export-Import Bank of India was taken
on 29 March 2007, when Moody's rated Baa3 the bank's senior
unsecured floating rate notes.

The last rating action for Central Bank of India, IDBI Bank Ltd,
Oriental Bank of Commerce, Punjab National Bank and Syndicate Bank
was taken on 21 October 2009, when their GLC deposit ratings were
downgraded due to Moody's adjustment of the systemic support
indicator for India.

The last rating action for Axis Bank Ltd, Bank of Baroda, Bank of
India, Canara Bank, HDFC Bank Ltd, ICICI Bank Ltd, State Bank of
India and Union Bank of India was taken on 18 November 2009, when
their junior subordinated and hybrid Tier 1 ratings were placed on
review for a possible downgrade due to Moody's change to its
rating methodology for these instruments.

State Bank of India, headquartered in Mumbai, had assets of
INR9,644 billion (US$184.8 billion) as of end-March 2009.

ICICI Bank Ltd, headquartered in Mumbai, had assets of
INR3,793 billion (US$72.7 billion) as of end-March 2009.

Punjab National Bank, headquartered in New Delhi, had assets of
INR2,469 billion (US$47.3 billion) as of end-March 2009.

Bank of Baroda, headquartered in Mumbai, had assets of
INR2,274 billion (US$43.6 billion) as of end-March 2009.

Bank of India, headquartered in Mumbai, had assets of
INR2,255 billion (US$43.2 billion) as of end-March 2009.

Canara Bank, headquartered in Bangalore, had assets of
INR2,175 billion (US$41.7 billion) as of end-March 2009.

HDFC Bank Ltd, headquartered in Mumbai, had assets of
INR1,833 billion (US$35.1 billion) as of end-March 2009.

IDBI Bank Ltd, headquartered in Mumbai, had assets of
INR1,724 billion (US$33 billion) as of end-March 2009.

Union Bank of India, headquartered in Mumbai, had assets of
INR1,610 billion (US$30.9 billion) as of end-March 2009.

Axis Bank Ltd, headquartered in Mumbai, had assets of
INR1,477 billion (US$28.3 billion) as of end-March 2009.

Central Bank of India, headquartered in Mumbai, had assets of
INR1,338 billion (US$27.2 billion) as of end-December 2008.

Syndicate Bank, headquartered in Bangalore, had assets of
INR1,303 billion (US$25 billion) as of end-March 2009.

Oriental Bank of Commerce, headquartered in New Delhi, had assets
of INR1,126 billion (US$21.6 billion) as of end-March 2009.

Export-Import Bank of India, headquartered in Mumbai, had assets
of INR442 billion (US$8.5 billion) as of end-March 2009.


BANK OF BARODA: Moody's Upgrades Deposit Ratings to 'Ba1'
---------------------------------------------------------
Moody's Investors Service has upgraded the long-term foreign
currency deposit ratings of 14 Indian banks to Ba1 from Ba2,
following Moody's recent upgrade of India's FC deposit ceiling.
This rating action takes into account the fact that all Indian
banks have a global local currency deposit rating higher than Ba1,
and thus their FC deposit ratings have been constrained by India's
FC deposit ceiling.

The upgrade of the long-term foreign currency bank deposit ratings
to Ba1 with stable outlook from Ba2 affects these banks: Axis Bank
Ltd, Bank of Baroda, Bank of India, Canara Bank, Central Bank of
India, Export-Import Bank of India, HDFC Bank Ltd, ICICI Bank Ltd,
IDBI Bank Ltd, Oriental Bank of Commerce, Punjab National Bank,
State Bank of India, Syndicate Bank and Union Bank of India.  The
other ratings assigned to these banks are unaffected by this
rating action.

The last rating action for Export-Import Bank of India was taken
on March 29, 2007, when Moody's rated Baa3 the bank's senior
unsecured floating rate notes.

The last rating action for Central Bank of India, IDBI Bank Ltd,
Oriental Bank of Commerce, Punjab National Bank and Syndicate Bank
was taken on October 21, 2009, when their GLC deposit ratings were
downgraded due to Moody's adjustment of the systemic support
indicator for India.

The last rating action for Axis Bank Ltd, Bank of Baroda, Bank of
India, Canara Bank, HDFC Bank Ltd, ICICI Bank Ltd, State Bank of
India and Union Bank of India was taken on 18 November 2009, when
their junior subordinated and hybrid Tier 1 ratings were placed on
review for a possible downgrade due to Moody's change to its
rating methodology for these instruments.

State Bank of India, headquartered in Mumbai, had assets of
INR9,644 billion (US$184.8 billion) as of end-March 2009.

ICICI Bank Ltd, headquartered in Mumbai, had assets of
INR3,793 billion (US$72.7 billion) as of end-March 2009.

Punjab National Bank, headquartered in New Delhi, had assets of
INR2,469 billion (US$47.3 billion) as of end-March 2009.

Bank of Baroda, headquartered in Mumbai, had assets of
INR2,274 billion (US$43.6 billion) as of end-March 2009.

Bank of India, headquartered in Mumbai, had assets of
INR2,255 billion (US$43.2 billion) as of end-March 2009.

Canara Bank, headquartered in Bangalore, had assets of
INR2,175 billion (US$41.7 billion) as of end-March 2009.

HDFC Bank Ltd, headquartered in Mumbai, had assets of
INR1,833 billion (US$35.1 billion) as of end-March 2009.

IDBI Bank Ltd, headquartered in Mumbai, had assets of
INR1,724 billion (US$33 billion) as of end-March 2009.

Union Bank of India, headquartered in Mumbai, had assets of
INR1,610 billion (US$30.9 billion) as of end-March 2009.

Axis Bank Ltd, headquartered in Mumbai, had assets of
INR1,477 billion (US$28.3 billion) as of end-March 2009.

Central Bank of India, headquartered in Mumbai, had assets of
INR1,338 billion (US$27.2 billion) as of end-December 2008.

Syndicate Bank, headquartered in Bangalore, had assets of
INR1,303 billion (US$25 billion) as of end-March 2009.

Oriental Bank of Commerce, headquartered in New Delhi, had assets
of INR1,126 billion (US$21.6 billion) as of end-March 2009.

Export-Import Bank of India, headquartered in Mumbai, had assets
of INR442 billion (US$8.5 billion) as of end-March 2009.


BANK OF INDIA: Moody's Upgrades Deposit Ratings to 'Ba1'
--------------------------------------------------------
Moody's Investors Service has upgraded the long-term foreign
currency deposit ratings of 14 Indian banks to Ba1 from Ba2,
following Moody's recent upgrade of India's FC deposit ceiling.
This rating action takes into account the fact that all Indian
banks have a global local currency deposit rating higher than Ba1,
and thus their FC deposit ratings have been constrained by India's
FC deposit ceiling.

The upgrade of the long-term foreign currency bank deposit ratings
to Ba1 with stable outlook from Ba2 affects these banks: Axis Bank
Ltd, Bank of Baroda, Bank of India, Canara Bank, Central Bank of
India, Export-Import Bank of India, HDFC Bank Ltd, ICICI Bank Ltd,
IDBI Bank Ltd, Oriental Bank of Commerce, Punjab National Bank,
State Bank of India, Syndicate Bank and Union Bank of India.  The
other ratings assigned to these banks are unaffected by this
rating action.

The last rating action for Export-Import Bank of India was taken
on March 29, 2007, when Moody's rated Baa3 the bank's senior
unsecured floating rate notes.

The last rating action for Central Bank of India, IDBI Bank Ltd,
Oriental Bank of Commerce, Punjab National Bank and Syndicate Bank
was taken on October 21, 2009, when their GLC deposit ratings were
downgraded due to Moody's adjustment of the systemic support
indicator for India.

The last rating action for Axis Bank Ltd, Bank of Baroda, Bank of
India, Canara Bank, HDFC Bank Ltd, ICICI Bank Ltd, State Bank of
India and Union Bank of India was taken on 18 November 2009, when
their junior subordinated and hybrid Tier 1 ratings were placed on
review for a possible downgrade due to Moody's change to its
rating methodology for these instruments.

State Bank of India, headquartered in Mumbai, had assets of
INR9,644 billion (US$184.8 billion) as of end-March 2009.

ICICI Bank Ltd, headquartered in Mumbai, had assets of
INR3,793 billion (US$72.7 billion) as of end-March 2009.

Punjab National Bank, headquartered in New Delhi, had assets of
INR2,469 billion (US$47.3 billion) as of end-March 2009.

Bank of Baroda, headquartered in Mumbai, had assets of
INR2,274 billion (US$43.6 billion) as of end-March 2009.

Bank of India, headquartered in Mumbai, had assets of
INR2,255 billion (US$43.2 billion) as of end-March 2009.

Canara Bank, headquartered in Bangalore, had assets of
INR2,175 billion (US$41.7 billion) as of end-March 2009.

HDFC Bank Ltd, headquartered in Mumbai, had assets of
INR1,833 billion (US$35.1 billion) as of end-March 2009.

IDBI Bank Ltd, headquartered in Mumbai, had assets of
INR1,724 billion (US$33 billion) as of end-March 2009.

Union Bank of India, headquartered in Mumbai, had assets of
INR1,610 billion (US$30.9 billion) as of end-March 2009.

Axis Bank Ltd, headquartered in Mumbai, had assets of
INR1,477 billion (US$28.3 billion) as of end-March 2009.

Central Bank of India, headquartered in Mumbai, had assets of
INR1,338 billion (US$27.2 billion) as of end-December 2008.

Syndicate Bank, headquartered in Bangalore, had assets of
INR1,303 billion (US$25 billion) as of end-March 2009.

Oriental Bank of Commerce, headquartered in New Delhi, had assets
of INR1,126 billion (US$21.6 billion) as of end-March 2009.

Export-Import Bank of India, headquartered in Mumbai, had assets
of INR442 billion (US$8.5 billion) as of end-March 2009.


CANARA BANK: Moody's Upgrades Deposit Ratings to 'Ba1'
------------------------------------------------------
Moody's Investors Service has upgraded the long-term foreign
currency deposit ratings of 14 Indian banks to Ba1 from Ba2,
following Moody's recent upgrade of India's FC deposit ceiling.
This rating action takes into account the fact that all Indian
banks have a global local currency deposit rating higher than Ba1,
and thus their FC deposit ratings have been constrained by India's
FC deposit ceiling.

The upgrade of the long-term foreign currency bank deposit ratings
to Ba1 with stable outlook from Ba2 affects these banks: Axis Bank
Ltd, Bank of Baroda, Bank of India, Canara Bank, Central Bank of
India, Export-Import Bank of India, HDFC Bank Ltd, ICICI Bank Ltd,
IDBI Bank Ltd, Oriental Bank of Commerce, Punjab National Bank,
State Bank of India, Syndicate Bank and Union Bank of India.  The
other ratings assigned to these banks are unaffected by this
rating action.

The last rating action for Export-Import Bank of India was taken
on March 29, 2007, when Moody's rated Baa3 the bank's senior
unsecured floating rate notes.

The last rating action for Central Bank of India, IDBI Bank Ltd,
Oriental Bank of Commerce, Punjab National Bank and Syndicate Bank
was taken on October 21, 2009, when their GLC deposit ratings were
downgraded due to Moody's adjustment of the systemic support
indicator for India.

The last rating action for Axis Bank Ltd, Bank of Baroda, Bank of
India, Canara Bank, HDFC Bank Ltd, ICICI Bank Ltd, State Bank of
India and Union Bank of India was taken on 18 November 2009, when
their junior subordinated and hybrid Tier 1 ratings were placed on
review for a possible downgrade due to Moody's change to its
rating methodology for these instruments.

State Bank of India, headquartered in Mumbai, had assets of
INR9,644 billion (US$184.8 billion) as of end-March 2009.

ICICI Bank Ltd, headquartered in Mumbai, had assets of
INR3,793 billion (US$72.7 billion) as of end-March 2009.

Punjab National Bank, headquartered in New Delhi, had assets of
INR2,469 billion (US$47.3 billion) as of end-March 2009.

Bank of Baroda, headquartered in Mumbai, had assets of
INR2,274 billion (US$43.6 billion) as of end-March 2009.

Bank of India, headquartered in Mumbai, had assets of
INR2,255 billion (US$43.2 billion) as of end-March 2009.

Canara Bank, headquartered in Bangalore, had assets of
INR2,175 billion (US$41.7 billion) as of end-March 2009.

HDFC Bank Ltd, headquartered in Mumbai, had assets of
INR1,833 billion (US$35.1 billion) as of end-March 2009.

IDBI Bank Ltd, headquartered in Mumbai, had assets of
INR1,724 billion (US$33 billion) as of end-March 2009.

Union Bank of India, headquartered in Mumbai, had assets of
INR1,610 billion (US$30.9 billion) as of end-March 2009.

Axis Bank Ltd, headquartered in Mumbai, had assets of
INR1,477 billion (US$28.3 billion) as of end-March 2009.

Central Bank of India, headquartered in Mumbai, had assets of
INR1,338 billion (US$27.2 billion) as of end-December 2008.

Syndicate Bank, headquartered in Bangalore, had assets of
INR1,303 billion (US$25 billion) as of end-March 2009.

Oriental Bank of Commerce, headquartered in New Delhi, had assets
of INR1,126 billion (US$21.6 billion) as of end-March 2009.

Export-Import Bank of India, headquartered in Mumbai, had assets
of INR442 billion (US$8.5 billion) as of end-March 2009.


IN TRADING: CRISIL Rates INR35 Mil. Term Loan at 'BB-'
------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Stable' to the various bank
facilities of In Trading Private Limited.

   Facilities                            Ratings
   ----------                            -------
   INR135.0 Million Cash Credit Limit    BB-/Stable (Assigned)
   INR35.0 Million Term Loan             BB-/Stable (Assigned)

The rating reflects In Trading's moderate financial risk profile
marked by moderate debt protection measures and high working
capital requirements along with customer concentration.  These
weaknesses are, however, partially offset by In Trading's
established track record in the wooden furniture export market.

Outlook: Stable

CRISIL believes that In Trading will maintain its business risk
profile with established track record in the export furniture
market.  However, the company's financial risk profile is expected
to remain constrained due to moderate debt protection measures.
The outlook may be revised to 'Positive' if In Trading's revenue
and profitability improves substantially leading to improvement in
its debt protection measures.  Conversely, the outlook may be
revised to 'Negative' if In Trading's profitability deteriorates
further putting pressure on its weak debt protection measures or
its financial risk profile deteriorates due to debt funded capex.

In Trading, incorporated in 1996 as a partnership firm and
converted to private limited company in 2003, is a manufacturer of
wooden furniture and exporter to the USA and European markets.
The company was initially engaged in trading Indian furniture and
began its own manufacturing operations in 2003.  It has two
production facilities located in Manesar, Haryana and Churu,
Rajasthan.  The company procures wood planks from saw mills
located across Haryana, Punjab and Uttar Pradesh.  The company
sells directly or through traders to large departmental stores
such as John Lewis and Marks and Spencer in UK and Cost Plus
Management Inc in USA.   The company is promoted by Mr. Vikram
Jain.

In Trading reported a profit after tax (PAT) of INR0.5 million on
net sales of INR429.8 million for 2008-09 (refers to financial
year, April 1 to March 31), as against a PAT of INR16.3 million on
net sales of INR548.1 million for 2007-08.


INDO GLOBAL: Low Net Worth Prompts CRISIL 'BB+' Ratings
-------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to Indo Global
Commercials Pvt Ltd bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR70.0 Million Cash Credit        BB+/Stable (Assigned)
   INR27.5 Million Rupee Term Loan    BB+/Stable (Assigned)
   INR27.5 Million Proposed Long      BB+/Stable (Assigned)
           Term Bank Loan Facility
   INR20.0 Million Letter of Credit   P4+ (Assigned)
   INR5.0 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect Indo Global's low net worth and moderate scale
of operations in the paper trading industry, and stretched debtor
profile.  These weaknesses are partially offset by the company's
low gearing, comfortable debt protection measures, and benefits
derived from established relationships with suppliers and
customers.

Outlook: Stable

CRISIL believes that Indo Global will continue to benefit from its
satisfactory track record in the paper trading business, and low
inventory risks.  The outlook may be revised to 'Positive' if Indo
Global's revenues grow substantially while it maintains current
profitability and manages its receivables comfortably.
Conversely, the outlook may be revised to 'Negative' if large
debt-funded capital expenditure leads to deterioration in Indo
Global's financial risk profile, or if poor receivables management
results in stretched liquidity.

                        About Indo Global

Set up in 1997 by Mr. Sajjan Jain, Indo Global trades in newsprint
and other varieties of paper.  The company also trades in coal.
Its key customers include India's leading newspaper agencies.
Indo Global also exports to countries in the Middle East and East
Africa.  The company also has a windmill in Maharashtra with
capacity to generate 0.60 mega watts of power.  Indo Global
reported a profit after tax (PAT) of INR15.6 million on net sales
of INR142.2 million for 2008-09 (refers to financial year, April 1
to March 31), as against a PAT of INR11.0 million on net sales of
INR142.8 million for 2007-08.


SAINEST TUBES: CRISIL Assigns 'BB-' Rating on INR58MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4+' to the bank
facilities of Sainest Tubes Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR65.5 Million Cash Credit Limit     BB-/Stable (Assigned)
   INR69.0 Million Term Loan             BB-/Stable (Assigned)
   INR80.0 Million Letter of Credit      P4+ (Assigned)
   INR12.5 Million Bank Guarantee        P4+ (Assigned)

The ratings factor in Sainest's moderate financial risk profile,
marked by weak debt protection measures, low net worth, and small
scale of operations in the pipes and tubes industry.   These
weaknesses are, however, mitigated by Sainest's robust growth in
revenues, improving liquidity, and the benefits it derives from
the healthy demand for pipes and tubes from end-users.

Outlook: Stable

CRISIL expects Sainest to maintain a stable business risk profile
over the medium term, backed by an established customer base, and
strong order book.   The outlook may be revised to 'Positive' if
Sainest diversifies its revenue base, and generates more cash
accruals than expected.   Conversely, the outlook may be revised
to 'Negative' if the company's profitability declines on account
of sharp increases in raw material prices, or if intake of large
debt to fund capital expenditure leads to deterioration in its
financial profile.

                        About Sainest Tubes

Incorporated in 1988, Sainest commenced commercial operations in
1993.   It manufactures a variety of pipes and tubes; these
include carbon steel and alloy steel seamless tubes and pipes, and
U-bend tubes and pipes.  The company supplies these products to
refineries, petrochemical, fertilizer, chemical, steel, and sugar
plants, boiler and automobile manufacturers, and ship builders.
Its plant at Gandhinagar (Gujarat) has capacity to manufacture
6300 tonnes of pipes per annum.  Sainest reported a profit after
tax (PAT) of INR10.6 million on net sales of INR336.2 million for
2008-09 (refers to financial year, April 1 to March 31), as
against a PAT of INR9.7 million on net sales of INR274.9 million
for 2007-08.


SHEKHAWATI POLY-YARN: CRISIL Rates INR125MM LT Loan at 'BB-'
------------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Stable' to Shekhawati Poly-
Yarn Pvt Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR120.0 Million Cash Credit*       BB-/Stable (Assigned)
   INR125.0 Million Long Term Loan     BB-/Stable (Assigned)

   * Interchangeable with letter of credit to the extent of
     INR40.0 million

The rating reflects Shekhawati's subdued financial risk profile,
and exposure to risks relating to limited pricing power, and
commodity nature of products.  These weaknesses are partially
offset by the benefits that the company derives from its
promoters' experience in the yarn industry.

Outlook: Stable

CRISIL believes that Shekhawati will continue to benefit from the
promoters' experience, and the company's established presence, in
the yarn industry.  The outlook may be revised to 'Positive' if
Shekhawati's sales volumes and operating margin increase, and its
debt protection measures improve.   Conversely, the outlook may be
revised to 'Negative' if the company contracts large debt to fund
capital expenditure, further weakening its financial risk profile.

Shekhawati, incorporated in 1990, by Mr. Ramniranjan Ruia and
Mr. Mukesh Ruia, manufactures polyester texturised yarn and
twisted yarn at its manufacturing facilities at Silvassa.
Shekhawati is part of the Ruia group, set up in 1968 by
Mr. Ramniranjan Ruia.   Shekhawati reported a profit after tax
(PAT) of INR11.7 million on net sales of INR776.3 million for
2008-09 (refers to financial year, April 1 to March 31), as
against a PAT of INR5.9 million on net sales of INR325.2 million
for 2007-08.


SIDDHI VINAYAK: CRISIL Assigns 'BB-' Rating on INR2.7MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Stable' to Siddhi Vinayak
Industries' bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR70.0 Million Cash Credit Limit      BB-/Stable (Assigned)
   INR2.7 Million Term Loan               BB-/Stable (Assigned)

The rating reflects SVI's weak financial risk profile, small scale
of operations in the intensely-competitive edible oil industry,
and exposure to risks relating to vagaries in the monsoons.  These
weaknesses are partially offset by SVI's comfortable working-
capital management and established relationships with customers.

Outlook: Stable

CRISIL expects SVI's operating margins to remain stable, backed by
established relationships with its customers.  The outlook may be
revised to 'Positive' if SVI's operating margins increase, or its
capital structure improves owing to a stronger capital base.
Conversely, the outlook may be revised to 'Negative' if the firm
contracts large debt to fund capital expenditure, weakening its
financial risk profile.

Set up in 2004 as a partnership firm by six partners, led by Mr.
Mukesh D Maheshwari, SVI manufactures mustard oil and its by-
products.  The firm has capacity to process 136 tonnes of mustard
seed per day at its plant in Radhanpur (Gujarat).  SVI reported a
profit after tax (PAT) of INR4.3 million on net sales of INR658.2
million for 2008-09 (refers to financial year, April 1 to
March 31), as against a PAT of INR4 million on net sales of
INR604.3 million for 2007-08.


SURIYA TEXTILE: Delays in Loan Repayment Cue CRISIL Junk Ratings
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Suriya
Textile Processing Mills, which is part of the Thirupur Suriya
group, to 'D/P5' from 'BBB/Negative/P3'.

   Facilities                             Ratings
   ----------                             -------
   INR187.0 Million Long-Term Loans       D (Downgraded from
                                             'BBB/Negative')

   INR8.0 Million Cash Credit Limits      D (Downgraded from
                                             'BBB/Negative')

   INR17.5 Million Packing Credit Limits  P5 (Downgraded from
                                              'P3')

   INR5.0 Million Standby Line of Credit  P5 (Downgraded from
                                               'P3')
   INR15.0 Million Bill Purchase/         P5 (Downgraded from
                   Discounting                 'P3')

   INR25.3 Million Letter of Credit       P5 (Downgraded from
                    Limits                     'P3')

   INR5.0 Million Bank Guarantee          P5 (Downgraded from
                                              'P3')

The rating action follows delays in servicing of term loan by
Suriya Mills; the delay has been caused by the Thirupur Suriya
group's weak liquidity.  The weak liquidity in Suriya Mills is
driven by losses incurred in 2008-09 (refers to financial year,
April 1 to March 31) due to low capacity utilization resulting in
high operating costs.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Suriya Mills, Tiruppur Surya Hitec
Apparel Pvt Ltd (rated 'B+/Negative/P4' by CRISIL), and Thirupur
Suriya Textiles Pvt Ltd ('B+/Negative/P4'), together referred to
as the Thirupur Suriya group.  This is because the three entities
are part of the group's textile value chain, are under a common
management, engage in interdependent commercial transactions, and
have a centralized raw material procurement and marketing
arrangement.

                         About the Group

The Thirupur Suriya group is a four-decade-old player in the
textile industry; the group had total of 61,200 spindles and 85
knitting machines, as on March 31, 2009.  Suriya Mills was set up
in 1983.  A composite unit, the entity performs dyeing, compacting
and drying, and printing operations, and sells hosiery garments.

The Thirupur Suriya group reported a profit after tax (PAT) of
INR47 million on net sales of INR1.9 billion for 2008-09, against
a PAT of INR107 million on net sales of INR1.9 million for
2007-08.


THIRUPUR SURIYA: CRISIL Downgrades Rating on Various Bank Debts
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Thirupur Suriya Textiles Pvt Ltd, which is part of the Thirupur
Suriya group, to 'B+/Negative/P4' from 'BBB/Negative/P3'.

   Facilities                             Ratings
   ----------                             -------
   INR860.5 Million Long-Term Loans       B+/Negative (Downgraded
                                             from 'BBB/Negative')

   INR320 Million Cash Credit Limits      B+/Negative (Downgraded
                                             from 'BBB/Negative')

   INR130 Million Letter of Credit       P4 (Downgraded
                   Limits                    from 'P3')

  INR90.5 Million Bank Guarantee         P4 (Downgraded from 'P3')

The downgrade reflects severe pressure on the group's liquidity;
Suriya Textiles has been frequently overdrawing its bank lines.
The downgrade factors in delays in servicing of term loan by
Suriya Textiles' group concern, Suriya Textile Processing Mills
(Suriya Mills, rated 'D/P5' by CRISIL).  The downgrade also
factors in CRISIL's belief that the Thirupur Suriya group's
liquidity to remain weak over the medium term.

The ratings reflect the Thirupur Suriya group's below-average
financial risk profile, customer concentration in revenue profile,
and exposure to risks related to fluctuations in the value of the
Indian rupee.   These weaknesses are partially offset by the
group's established market position across the textile value
chain.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Suriya Textiles, Tiruppur Surya Hitec
Apparel Pvt Ltd (Suriya Hitec, rated 'B+/Negative/P4' by CRISIL),
and Suriya Mills, together referred to as the Thirupur Suriya
group.   This is because the three entities are part of the
group's textile value chain, are under a common management, engage
in interdependent commercial transactions, and have centralised
raw material procurement and marketing arrangement.

Outlook: Negative

CRISIL believes that the Thirupur Suriya group's liquidity to
remain weak over the medium term if the company does not revive
its profitability, which was depressed during the recent economic
downturn.  The ratings may be downgraded if the group's financial
risk profile deteriorates steeply, particularly its ability to
service debt obligations.  Conversely, the outlook may be revised
to 'Stable' in case of favorable rupee and cotton price movements,
or if the Thirupur Suriya group diversifies its customer base.

                          About the Group

The Thirupur Suriya group is a four-decade-old player in the
textile industry; the group had total of 61,200 spindles and 85
knitting machines, as on March 31, 2009.  Its operations are
vertically integrated, with spinning, knitting, dyeing,
compacting, printing, stitching, and embroidery facilities.  It
possesses end-to-end facilities for conversion of cotton into
ready-made knitwear.

Incorporated in 1996, Suriya Textiles manufactures cotton yarn and
grey (knitted) fabric.  The company has also installed five
windmills with capacity of 4.50 megawatts in Kanyakumari and
Udumalpet.  Around 32% of the company's power requirements are met
through these windmills.

The Thirupur Suriya group reported a profit after tax (PAT) of
INR47 million on net sales of INR1.9 billion for 2008-09 (refers
to financial year, April 1 to March 31), against a PAT of INR107
million on net sales of INR1.9 million for 2007-08.


TIRUPPUR SURYA: CRISIL Cuts Ratings INR255.7MM LT Loans to 'B+'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Tiruppur Surya Hitec Apparel Pvt Ltd, which is part of the
Thirupur Suriya group, to 'B+/Negative/P4' from 'BBB/Negative/P3'.
The downgrade reflects severe pressure on the group's liquidity;
Suriya Hitec has been frequently over drawing its bank lines.
The downgrade factors in delays in servicing of term loan by
Suriya Hitec's group concern, Suriya Textile Processing Mills
(Suriya Mills, rated 'D/P5' by CRISIL).   The downgrade also
factors in CRISIL's belief that the Thirupur Suriya group's
liquidity to remain weak over the medium term.

   Facilities                             Ratings
   ----------                             -------
   INR255.7 Million Long-Term Loans       B+/Negative (Downgraded
                                             from 'BBB/Negative')

   INR190.0 Million Packing Credit        P4 (Downgraded from
                    Limits                     'P3')

   INR40.0 Million Standby Line of        P4 (Downgraded from
                    Credit                   'P3')

   INR60.0 Million Bill Purchase/         P4 (Downgraded from
                    Discounting               'P3')

The ratings reflect the Thirupur Suriya group's below-average
financial risk profile, customer concentration in revenue profile,
and exposure to risks related to fluctuations in the value of the
Indian rupee.   These weaknesses are partially offset by the
group's established market position across the textile value
chain.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Suriya Hitec, Suriya Mills, and
Thirupur Suriya Textiles Pvt Ltd (Suriya Textiles, rated
'B+/Negative/P4' by CRISIL), together referred to as the Thirupur
Suriya group.   This is because the three entities are part of the
group's textile value chain, are under a common management, engage
in interdependent commercial transactions, and have centralised
raw material procurement and marketing arrangement.

Outlook: Negative

CRISIL believes that the Thirupur Suriya group's liquidity to
remain weak over the medium term if the company does not revive
its profitability, which was depressed during the recent economic
downturn.   The ratings may be downgraded if the group's financial
risk profile deteriorates steeply, particularly its ability to
service debt obligations.   Conversely, the outlook may be revised
to 'Stable' in case of favourable rupee and cotton price
movements, or if the Thirupur Suriya group diversifies its
customer base.

                         About the Group

The Thirupur Suriya group is a four-decade-old player in the
textile industry; the group had total of 61,200 spindles and 85
knitting machines, as on March 31, 2009.  Its operations are
vertically integrated, with spinning, knitting, dyeing,
compacting, printing, stitching, and embroidery facilities.  It
possesses end-to-end facilities for conversion of cotton into
ready-made knitwear.

Surya Hitec was incorporated as a partnership firm in 1991 and was
incorporated in March 2007.  It manufactures hosiery garments, and
performs cutting, stitching, and embroidery operations.   It is
also a government-recognised export house.

The Thirupur Suriya group reported a profit after tax (PAT) of
INR47 million on net sales of INR1.9 billion for 2008-09 (refers
to financial year, April 1 to March 31), against a PAT of INR107
million on net sales of INR1.9 million for 2007-08.


TATA MOTORS: Global Auto Sales Up 62% in November 2009
------------------------------------------------------
The Tata Motors Group global sales were 75,775 nos. in November
2009, a growth of 62% over November 2008.  Cumulative sales for
the fiscal (April ? November 2009) are 521,059, higher by 4%
compared to the corresponding period in 2008-09.

The Group's global sales comprise of Tata, Tata Daewoo and Hispano
Carrocera range of commercial vehicles, Tata passenger vehicles
along with distributed brands in India, and Jaguar and Land Rover.

Sales of all commercial vehicles were 33,338 nos. in Nov. 2009, a
growth of 81%.  Cumulative sales for the fiscal are 244,810 nos.,
a growth of 16%.

Sales of all passenger vehicles were 42,437 nos. in November 2009,
a growth of 50%.  Cumulative sales for the fiscal are 276,249
nos., lower by 5%.

Tata passenger vehicle sales, including those distributed, were
23,612 nos. for the month, a growth of 56%.  Cumulative sales for
the fiscal are 160,405 nos., a growth of 16%.

Jaguar Land Rover global sales in November 2009 were 18,825
vehicles, higher by 30%.  Jaguar sales for the month were 4,333,
lower by 2%, while Land Rover sales were 14,492, higher by 45%.
Cumulative sales of Jaguar Land Rover for the fiscal are 115,844
nos., lower by 32%.  Cumulative sales of Jaguar are 31,716 nos.,
lower by 37%, while cumulative sales of Land Rover are 84,128,
lower by 30%.

                    Denies Interest in Swaraj Mazda

Separately, Tata Motors denied on Wednesday that it is keen on
acquiring stake in commercial vehicle maker Swaraj Mazda.

Media reports had stated that Tata Motors is looking to pick up
53.52% stake in Swaraj Mazda, held by Japanese firm Sumitomo Corp.

"There have been speculative reports in a section of the media
that Tata Motors is considering acquisition of a stake in Swaraj
Mazda," Tata Motors said in a statement.

"Tata Motors denies any such interest," the company said.

                         About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2009, Standard & Poor's Ratings Services said that it had
lowered its long term corporate credit rating on India-based Tata
Motors Ltd. to 'B' from 'B+'.  The outlook is negative.  At the
same time, Standard & Poor's lowered the issue rating on the
company's senior unsecured notes to 'B' from 'B+'.  Both ratings
were removed from CreditWatch, where they were placed with
negative implications on December 18, 2009, and refreshed in
March 2009.

The TCR-AP reported on Oct. 26, 2009, that Standard & Poor's
Ratings Services assigned its 'B' rating to the US$375 million 5-
year 4% convertible notes issued by Tata Motors Ltd.
(B/Negative/--) on Oct. 15, 2009.


=================
I N D O N E S I A
=================


BAKRIE SUMATERA: Moody's Notes US$518 Mil. Issuance of Rights
-------------------------------------------------------------
Moody's Investors Service says it notes Bakrie Sumatera
Plantations Tbk's announcement of a IDR4.97 billion
(US$518 million) rights issue, subject to shareholder approval.

BSP has corporate family and secured bond ratings of B3 with a
negative outlook.

About 65% of the net proceeds would be used to acquire a
downstream oleo chemical facility (PT Domas Agroniti Prima, "Domba
Mas"), currently in debt restructuring with creditors, as well as
two oil palm plantations and one rubber plantation.

Another 15% of the net proceeds would be used to develop its
plantation business and the rest to strengthen working capital.

"Before the announcement, Moody's had already factored into the
current rating BSP's aggressive acquisitive growth strategy", says
Wonnie Chu, a Moody's Analyst.

Although the proposed acquisitions are likely to increase cash
flow and allow BSP to become an integrated player, they also
involve a number of executions risks, including negotiations with
Dombas Mas' creditors, the restart of the Domba Mas production
facility, securing feedstock and off-take contracts, and
completion of a capacity expansion project.

"BSP would assume about US$320m of debt from the Domba Mas
acquisition, which would double its total debt obligations.  As a
result, its financial profile would be weakened, but this has also
already been captured in the negative rating outlook," says Chu.

Moody's will discuss with BSP management 1) the progress of the
restructuring of the Domba Mas' loans, and the terms and
conditions of the restructured loans; 2) the downstream capacity
expansion project and associated capex requirements; and 3) future
acquisition opportunities.

Given BSP's expected weakening financial profile, the negative
outlook is likely to remain over the medium term.

BSP's ratings could be downgraded if there were (1) cash leakages
from BSP to fund group affiliated companies; (2) further
aggressive debt-funded acquisitions/investments; and/or (3) falls
in CPO and latex prices beyond Moody's expectations; such that
Debt/EBITDA exceeds 6x and EBITDA/Interest falls below 1.5x on a
sustained basis.

The last rating action with respect to BSP was taken on April 16,
2009, when its corporate family and secured bond ratings were
downgraded to B3 from B2 with a negative outlook.

BSP's ratings have been assigned by evaluating factors Moody's
believes are relevant to the company's credit profile, including
its i) business risk and competitive position compared with other
companies within the industry; ii) capital structure and financial
risk; iii) projected performance over the near to intermediate
term; and iv) management's track record and tolerance for risk.

These attributes were compared against other issuers both within
and outside of BSP's core industry; its ratings are believed to be
comparable to those of other issuers of similar credit risk.

Bakrie Sumatera Plantations Tbk, an Indonesian upstream plantation
company operating in Sumatra, Indonesia, was 41.8% owned by the
conglomerate PT Bakrie & Brothers Group as at 30 September, 2009.
BSP was listed in 1990 on both the Jakarta and Surabaya Stock
Exchanges.


EXCELCOMINDO PRATAMA: S&P Gives Stable Outlook; Keeps 'BB-' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
long-term corporate credit rating on Indonesian cellular service
provider PT Excelcomindo Pratama Tbk. to stable from negative.  At
the same time, Standard & Poor's affirmed its 'BB-' corporate
credit rating on XL and its 'BB-' rating on the senior unsecured
notes issued by Excelcomindo Finance Co. B.V.

Excelcomindo Finance is a company incorporated in The Netherlands
and fully owned by XL.  The notes are unconditionally and
irrevocably guaranteed by XL.

The outlook revision reflects (1) S&P's view that XL's financial
risk profile is improving as a result of steady debt reduction,
(2) S&P's expectation that XL will lower its capital spending over
the next few years, and (3) S&P's opinion that intense price-based
competition in the Indonesian wireless market in recent years is
stabilizing.

The rating on XL reflects the company's high capital expenditure
requirement, strong pricing competition, and moderate regulatory
risks.  These risks are partially offset by established customer
base and domestic growth potential; number of subscribers, minutes
of usage and average revenue per user have all increased steadily
throughout the year.

"We expect XL to focus its capital spending more on capacity and
network efficiency improvement, given that a large part of its
network coverage investments has already been completed," said
Standard & Poor's credit analyst Allan Redimerio.  "Although S&P
expects capital spending over the next few years to remain
significant, it is likely to be lower than in 2007 and 2008.  For
the nine months ended Sept. 30, 2009, total capital expenditure
was IDR3.5 trillion, significantly below the IDR8.7 trillion for
the same period last year."

In S&P's opinion, the intense price competition in the Indonesian
wireless market remains but is less severe as the big three local
operators, including XL, appear to be satisfied with their
existing scale and market share, and are now focusing their
resources on improving the quality of their subscriber base and
their profitability.  In addition, new entrants have struggled to
increase market share and the price competition has been
detrimental to their financial performance these past few years.

"Under a more stable environment, S&P expects XL to generate
steady cash flows as it benefits from the strong growth
opportunities offered by the domestic market of about 250 million
people, with a mobile penetration rate of approximately 60%," Mr.
Redimerio said.

The stable outlook on the rating factors in S&P's expectations
that the stabilization in tariffs will be sustained over the next
few years, and that XL's current level of capital spending will be
maintained.  Along with this, S&P expects XL to improve its profit
margins and steadily increase its cash flows.


=========
J A P A N
=========


JAPAN AIRLINES: Delta Open to Partner with Third Party in JAL Bid
-----------------------------------------------------------------
Delta Air Lines Inc. chief executive Richard Anderson said
Wednesday the U.S. airline is ready to team up with a third party,
such as an investment fund, to increase its proposed investment in
Japan Airlines Corp, The Japan Times reports.

"We are prepared to work with constituencies if there is a need or
desire to use our agreement and our investment to increase
participation by others," the report quoted Mr. Anderson as
saying.

The report relates Mr. Anderson, however, said that whether to
bring in a third party is up to JAL, its creditors and a Japanese
government-backed turnaround body that is helping the cash-
strapped carrier.

As reported by the Troubled Company Reporter-Asia Pacific on
November 19, 2009, Dow Jones Newswires' Doug Cameron and Yoshio
Takahashi and The Wall Street Journal's Mariko Sanchanta reported
that Delta Air Lines Inc. and its airline partners said they could
provide a $1.02 billion funding package to Japan Airlines Corp.,
in an aggressive bid meant to show their financial muscle as they
try and wrest JAL away from its partnership with rival American
Airlines.

According to the Journal, the proposal by Delta and SkyTeam
members -- including Air France-KLM -- includes a $500 million
injection from the alliance.  Delta would provide a $300 million
revenue guarantee, $200 million in asset-backed funding and cover
$20 million or more in costs for a switch.

American and Delta are offering to buy minority equity stakes in
JAL.

The Journal said Delta has hired investment bank Goldman Sachs
Group Inc. and public-relations firm Fleishman-Hillard to advise
it on a possible alliance with JAL.  American has tapped Global
Advisory Japan, a unit of Rothschild, the Journal said.

                          About AMR Corp.

Headquartered in Forth Worth, Texas, AMR Corporation (NYSE:
AMR) operates with its principal subsidiary, American Airlines
Inc. -- http://www.aa.com/-- a worldwide scheduled passenger
airline.  At the end of 2006, American provided scheduled jet
service to about 150 destinations throughout North America, the
Caribbean, Latin America, including Brazil, Europe and Asia.
American is also a scheduled airfreight carrier, providing
freight and mail services to shippers throughout its system.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle."  American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.

                          *     *     *

AMR carries a 'CCC' issuer default rating from Fitch Ratings.  It
has 'Caa1' corporate family and probability of default ratings
from Moody's.  It has 'B-' corporate credit rating, on watch
negative, from Standard & Poor's.
About Delta Air Lines

                       About Delta Air Lines

With its acquisition of Northwest Airlines, Atlanta, Georgia-based
Delta Air Lines (NYSE: DAL) -- http://www.delta.com/or
http://www.nwa.com/-- became the world's largest airline
following merger with Northwest Airlines in 2008.  From its hubs
in Atlanta, Cincinnati, Detroit, Memphis, Minneapolis-St. Paul,
New York-JFK, Salt Lake City and Tokyo-Narita, Delta, its
Northwest subsidiary and Delta Connection carriers offer service
to more than 376 destinations worldwide in 66 countries and serves
more than 170 million passengers each year.   The merger closed on
October 29, 2008.

Northwest and 12 affiliates filed for Chapter 11 protection on
September 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).
On May 21, 2007, the Court confirmed the Northwest Debtors'
amended plan.  That amended plan took effect May 31, 2007.

Delta and 18 affiliates filed for Chapter 11 protection on
September 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represented
the Delta Debtors in their restructuring efforts. On April 25,
2007, the Court confirmed the Delta Debtors' plan.  That plan
became effective on April 30, 2007.

(Bankruptcy Creditors Service Inc. publishes Delta Air Lines
Bankruptcy News, http://bankrupt.com/newsstand/or 215/945-7000).

                          *     *     *

Delta Air Lines has $44,480,000,000 in assets against total debts
of $43,500,000,000 in debts as of June 30, 2009.

Delta Air Lines and Northwest Airlines carry a 'B/Negative/--'
corporate ratings from Standard & Poor's.  They also continue to
carry 'B2' corporate family ratings from Moody's.

                            About JAL

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-
based holding company that is active in five business segments
through its 225 subsidiaries and 82 associated companies.  The Air
Transportation segment is engaged in the operation of passenger
and cargo planes.  The Air Transportation-Related segment is
engaged in the transportation of passengers and cargoes, the
preparation of in-flight food catering, the maintenance of
aircraft and land equipment, as well as the fueling business.  The
Travel Planning and Marketing segment is involved in the planning
and sale of travel packages.  The Card and Leasing segment is
engaged in the provision of finance, cards and leasing services.
The Others segment is involved in businesses related to hotels,
resorts, logistics, wholesale, retail, real estate, printing,
construction, manpower dispatch, as well as information and
communication.  The Company has numerous global operating
locations.

JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

                          *     *     *

As reported by the Troubled Company Reporter on November 3, 2009,
Moody's Investors Service has downgraded the long-term debt rating
and issuer rating of Japan Airlines International Co., Ltd. To
Caa1 from B1, and will continue to review both ratings for further
possible downgrade.


JAPAN AIRLINES: To Stop Employing Ex-Managers as Advisers
---------------------------------------------------------
Japan Airlines Corp. plans to stop employing former presidents and
other managers as honorary and senior advisers, Bloomberg News
reports.

Bloomberg, citing Nikkei English News, says seven officials,
including ex-Presidents Toshiyuki Shinmachi and Isao Kaneko, will
step down as early as February.  The Nikkei said the plan is part
of the company's attempt to have past managers take responsibility
for its current position, Bloomberg relates.

                        Delta, AMR Alliance

AFP, citing a report from Asahi Shimbun, says that Delta Air Lines
has taken the lead in a bidding war with rival American Airlines
to take a minority stake in Japan Airlines.

According to AFP, the newspaper said JAL looks likely to accept
capital from Delta, the world's largest carrier, and cross over to
the SkyTeam airline alliance.

AFP relates the Asahi said JAL, which currently belongs to the
American Airlines-led Oneworld alliance, "is leaning toward" the
view that it would be more beneficial to join a bigger alliance.

The Asahi, as cited by the AFP, said Delta is now trying to
finalize a deal, possibly early next year.

JAL spokeswoman Szehunn Yap, however, told AFP that the carrier
"has not made a decision on its alliance strategy."

                           About JAL

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-
based holding company that is active in five business segments
through its 225 subsidiaries and 82 associated companies.  The Air
Transportation segment is engaged in the operation of passenger
and cargo planes.  The Air Transportation-Related segment is
engaged in the transportation of passengers and cargoes, the
preparation of in-flight food catering, the maintenance of
aircraft and land equipment, as well as the fueling business.  The
Travel Planning and Marketing segment is involved in the planning
and sale of travel packages.  The Card and Leasing segment is
engaged in the provision of finance, cards and leasing services.
The Others segment is involved in businesses related to hotels,
resorts, logistics, wholesale, retail, real estate, printing,
construction, manpower dispatch, as well as information and
communication.  The Company has numerous global operating
locations.

JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

                          *     *     *

As reported by the Troubled Company Reporter on November 3, 2009,
Moody's Investors Service has downgraded the long-term debt rating
and issuer rating of Japan Airlines International Co., Ltd. To
Caa1 from B1, and will continue to review both ratings for further
possible downgrade.


==========
K O R E A
==========


HYUNDAI MOTOR: To Set Up 50/50 Joint Venture with China's Baotou
----------------------------------------------------------------
Jung-Ah Lee at The Wall Street Journal reports Hyundai Motor Co.
said Sunday it will set up a joint venture next year with Baotou
Bei Ben Heavy-Duty Truck Co., a Chinese auto maker, to better meet
rising demand for commercial vehicles.

Hyundai Motor and Baotou, according to the report, will invest a
total of US$400 million to set up a 50-50 joint venture.
According to the report, Hyundai Motor said it aims to sell
100,000 units of heavy-duty trucks in China in 2014.

"Our business in China will play a pivotal role in helping us
achieve our global sales target of 200,000 units in commercial
vehicles by 2013," Choi Han-young, Hyundai's vice chairman, said,
according to the Journal.

                        About Hyundai Motor

Headquartered in Seoul, South Korea, Hyundai Motor Company
(SEO:005380) -- http://www.hyundai-motor.com/-- is an automobile
manufacturer.  The company markets the Genesis, Genesis Coupe,
Azera, Sonata, Elantra, Accent, Getz, i30, i30cw, i20 and i10
passenger cars; the Veracruz, Santa Fe, Tucson, Matrix, H-1
recreational vehicles, and commercial vehicles, which include
medium and heavy duty trucks, van trucks, tank lorries, bulk
cement carriers, bulk cement tractors and others.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
December 11, 2009, Fitch Ratings revised the Outlook on Hyundai
Motor's foreign currency Long-term Issuer Default Ratings to
Positive from Negative, and simultaneously affirmed them at 'BB+'.
The agency also affirmed the 'BB+' rating on the Company's senior
unsecured debt and the Short-term IDRs at 'B'.

As reported by the TCR-AP on Nov. 13, 2009, Moody's Investors
Service revised to stable from negative the outlook of the Baa3
issuer and senior unsecured bond ratings for Hyundai Motor Company
and its guaranteed subsidiary Hyundai Motor Manufacturing Alabama
LLC.  Moody's also revised the Ba1 Corporate Family Rating outlook
of Kia Motors Corp. to stable from negative.

The TCR-AP reported on Jan. 16, 2009, that Fitch Ratings
downgraded Hyundai Motor's long-term foreign currency Issuer
Default Ratings to 'BB+' from 'BBB-' (BBB minus), and the Short-
term ratings to 'B' from 'F3'.  The rating agency revised the
Outlook to Negative from Stable.


===============
M A L A Y S I A
===============


IDAMAN UNGGUL: Bursa Delists Securities Effective December 23
-------------------------------------------------------------
Bursa Malaysia Securities Berhad disclosed that the securities of
an Amended PN17 Company, Idaman Unggul Berhad, will be de-listed
and removed from the Official List of Bursa Securities on Dec. 23,
2009.

Bursa Securities said it had earlier announced its decision to de-
list the company as it does not have an adequate level of
financial condition and operations to warrant continued listing on
the Official List of Bursa Securities.

Idaman Unggul had submitted an appeal against the decision of
Bursa Securities.  After having considered all the facts and
circumstances of the matter, Bursa Securities said it has resolved
to disallow the company's appeal.

Bursa Malaysia added Idaman Unggul securities may remain deposited
with Bursa Depository notwithstanding its delisting.  However,
shareholders who intend to hold their securities in the form of
physical certificates can withdraw them from the Central
Depository System accounts maintained with Bursa Depository at
anytime after the securities of the companies have been delisted.

Shareholders will be required to submit an application form for
withdrawal in accordance with the procedures prescribed by Bursa
Depository.  These shareholders can contact any Participating
Organization of Bursa Securities and/or Bursa Securities'
general line at 03-2034 7000.

Upon the delisting, the company will continue to exist but as an
unlisted entity.  The company will still continue its operations
and business and proceed with its corporate restructuring and its
shareholders can still be rewarded by the company's performance.
However, the shareholders will be holding shares which are no
longer quoted and traded on Bursa Securities.

                           About Idaman

Idaman Unggul Berhad is an investment holding company, whose
principal activity is the provision of corporate, administrative
and management support to its subsidiaries.  The company
operates in two segments: insurance, which includes underwriting
of life insurance and all classes of general insurance business,
and other, which includes investment holding.  Idaman Unggul's
subsidiaries include Tahan Insurance Malaysia Berhad, F.T. Land
Sdn. Bhd., PCM Synergy Sdn. Bhd., PICT Solution Sdn. Bhd. and
Straight Effort Sdn. Bhd.  On July 12, 2006, the company
disposed Advanced Electronics (M) Sdn. Bhd. to Elevale Temasek
Sdn. Bhd.  On July 3, 2006, Tahan Insurance Malaysia Berhad
disposed of its Life Insurance Business to AXA Affin Life
Insurance Berhad. Waikiki Beach Hotel Sdn. Bhd., a wholly owned
subsidiary of Idaman Unggul, was also divested as part of the
Life Insurance Business disposal.  On January 17, 2007, the
company disposed IUB Asset Management Sdn Bhd to Capital
Intelligence Holdings Sdn Bhd.

                           *     *     *

As reported by Troubled Company Reporter-Asia Pacific on
March 6, 2008, the company was classified as an Affected
Listed Issuer under Amended Practice Note 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, since the
company's shareholders' fund has dropped to MYR41.204 million
which is lower than the 25% of the paid-up share capital and
minimum issued and paid up capital of MYR60 million required
under the Listing Requirements.


IDAMAN UNGGUL: To Hold 5th Annual General Meeting on Jan. 21
------------------------------------------------------------
Idaman Unggul Berhad will hold its 5th annual general meeting
on January 21, 2010 at 9:30 a.m.. at Sri Petaling Ballroom,
Level 1, Hotel Sri Petaling, 30 Jalan Radin Anum, Bandar Baru Sri
Petaling, in Kuala Lumpur.

At the meeting, the members will be asked to:

   * receive and adopt the audited financial statements
     of the Company for the financial year ended Dec. 31,
     2007, and the reports of the directors and the
     auditors thereon;

   * receive and adopt the audited financial statements
     of the Company for the financial year ended Dec. 31,
     2008 and the reports of the directors and the
     auditors thereon.

   * re-elect Brig. Jen. (B) Dato' Pahlawan Hj Jamil bin
     Tahir who retires by rotation in accordance with
     Article 96 of the Company's Articles of Association
     and being eligible, offers himself for re-election
     for the financial year ended December 31, 2007;

   * re-elect Dr. Radzuan bin Abdul Rahman who retires by
     rotation in accordance with Article 96 of the
     Company's Articles of Association and being eligible,
     offers himself for re-election for the financial year
     ended December 31, 2007;

   * re-elect Dato' Ab. Halim bin Mohyiddin who retires by
     rotation in accordance with Article 96 of the
     Company's Articles of Association and being eligible,
     offers himself for re-election for the financial year
     ended December 31, 2008;

   * re-elect Haji Hussein bin Hamzah who retires by rotation
     in accordance with Article 96 of the Company's Articles
     of Association and being eligible, offers himself for
     re-election for the financial year ended Dec. 31, 2008;

   * approve the payment of Directors' fees for the financial
     year ended December 31, 2007;

   * approve the payment of Directors' fees for the financial
     year ended December 31, 2008;

   * re-appoint Messrs. Ernst & Young as Auditors of the
     Company and to authorize the directors to fix their
     Remuneration for the ensuing year; and

   * pass ordinary resolution: Authority to Issue Shares
     Pursuant to Section 132D of the Companies Act, 1965.

                           About Idaman

Idaman Unggul Berhad is an investment holding company, whose
principal activity is the provision of corporate, administrative
and management support to its subsidiaries.  The company
operates in two segments: insurance, which includes underwriting
of life insurance and all classes of general insurance business,
and other, which includes investment holding.  Idaman Unggul's
subsidiaries include Tahan Insurance Malaysia Berhad, F.T. Land
Sdn. Bhd., PCM Synergy Sdn. Bhd., PICT Solution Sdn. Bhd. and
Straight Effort Sdn. Bhd.  On July 12, 2006, the company
disposed Advanced Electronics (M) Sdn. Bhd. to Elevale Temasek
Sdn. Bhd.  On July 3, 2006, Tahan Insurance Malaysia Berhad
disposed of its Life Insurance Business to AXA Affin Life
Insurance Berhad. Waikiki Beach Hotel Sdn. Bhd., a wholly owned
subsidiary of Idaman Unggul, was also divested as part of the
Life Insurance Business disposal.  On January 17, 2007, the
company disposed IUB Asset Management Sdn Bhd to Capital
Intelligence Holdings Sdn Bhd.

                           *     *     *

As reported by Troubled Company Reporter-Asia Pacific on
March 6, 2008, the company was classified as an Affected
Listed Issuer under Amended Practice Note 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, since the
company's shareholders' fund has dropped to MYR41.204 million
which is lower than the 25% of the paid-up share capital and
minimum issued and paid up capital of MYR60 million required
under the Listing Requirements.


STAMFORD COLLEGE: Request for Arbitration Forwarded
---------------------------------------------------
Stamford College Berhad disclosed that it has received a
notification from its solicitors that the International Chamber of
Commerce International Court of Arbitration had on December 8,
2009, forwarded the request for arbitration between SCB and the
University of Northumbria at Newcastle to William James Wood QC,
the sole arbitrator nominated by both parties.

Pursuant to Article 18 of the Rules of Arbitration, the arbitrator
is required to establish the Terms of Reference and transmit the
same to ICC within 2 months from the date when the arbitration
matter was transferred to him.

SCB said that the it had on submitted a request for arbitration to
the ICC at its Asia Office in Hong Kong on a claim for the loss
and damages suffered by the Company arising from the wrongful
termination by UNN of the Agreements dated May 23, 2003, made
between SCB and UNN which permits the Company to offer the UNN's
BEng (Hons) Electrical and Electronic Engineering program on a
part-time basis and BA (Hons) International Business
Administration, BA (Hons) Marketing, BA (Hons) Accounting and
Finance, MA Marketing and MA International Business Administration
programs on a full-time and part-time basis.  UNN has to file its
answer by December 24, 2009.

The reliefs sought by the Company are for loss of income and
others.  The quantum of claims has yet to be determined.  SCB is
in the process of engaging a specialist to determine the quantum
of claims.

The solicitors of SCB are of the opinion that the Company has a
good chance of success in its claim against UNN.

The Company is of the opinion that arbitration would not have any
material effect on the earnings, net assets, gearing, issued and
paid-up share capital and substantial shareholders' shareholdings
of SCB for the financial year ending December 31, 2009.

                      About Stamford College

Based in Malaysia, Stamford College Berhad (KUL:STAMCOL) --
http://www.stamford.edu.my/-- is an investment holding and
management company.  It principally engaged in the provision of
executive training.  The Company offers over 50 courses of study,
which include full Undergraduate Degrees, Masters Degrees and
North American Degree Program.  The disciplines offered by
Stamford range from Accounting to Business Administration,
Engineering, Computer Science, Hospitality Management and
Executive Secretaryship.  Foreign students have also been part of
Stamford's landscape, and Stamford has more than 1,500 foreign
students from over 40 countries pursuing their higher education.

Stamford College Berhad has been considered as an Affected Listed
Issuer under Practice Note No. 17/2005 of the Bursa Malaysia
Securities Berhad as it has triggered Paragraph 2.1(e) of
PN 17/2005.

According to the Company's disclosure statement with the bourse,
it triggered the PN 17/2005 listing since auditors have expressed
a modified opinion with emphasis on the Company's going concern
status in the latest audited accounts for the financial year ended
December 31, 2008 and the Company's shareholders equity on a
consolidated basis is equal to or less than 50% of the issued and
paid-up capital of the company.


TALAM CORP: Sells 100% Stake in Seaview Plantations for MYR2,000
----------------------------------------------------------------
Talam Corporation Berhad said that its wholly owned subsidiary,
Seaview Plantations Sdn Bhd, has entered into Sale of Shares
Agreements with Gurmukh Singh A/L Joginder and Ibrahim Bin
Abdullah to dispose a total of 2,000,000 ordinary shares of
MYR1.00 each representing 100% equity interest in Peninsular
Properties (M) Sdn Bhd for a total consideration of MYR2,000.

The disposal had been completed on December 14, 2009, and PPMSB
and its subsidiary, Peninsular Properties Management Sdn Bhd will
cease to be subsidiaries of Talam.

None of the Directors nor any major shareholders of the Company,
or persons connected with them, has any interest, direct or
indirect, in the Disposal and no approval of shareholders is
required.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter-Asia Pacific reported on Sept. 11,
2006, that based on the Audited Financial Statements of Talam
Corporation for the financial year ended Jan. 31, 2006, the
Auditors Ernst & Young were unable to express their opinion on the
Company's Audited Accounts.  As such, the company is an affected
listed issuer of the Amended Practice Note 17 category.  In
accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.


====================
N E W  Z E A L A N D
====================


CAPITAL + MERCHANT: Goes Into Liquidation; Owes NZ$167 Million
--------------------------------------------------------------
The Independent reports that Capital + Merchant has gone into
liquidation owing debenture holders nearly NZ$167 million.  The
Official Assignee in Hamilton has been appointed liquidator.

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 4, 2007, Capital + Merchant Finance Ltd and Capital +
Merchant Investments Ltd have gone into receivership due to
breaches in respect of general security agreements issued by the
companies in favor of creditor Fortress Credit Corporation
(Australia) 11 Pty Ltd.

Fortress appointed Tim Downes and Richard Simpson of Grant
Thornton, chartered accountants, while trustee Perpetual Trust
have called in KordaMentha, the New Zealand Press Association
related.

Capital + Merchant owes about NZ$190 million to 7,000 investors.
Fortress reportedly has a prior charge over assets and was owed
around NZ$70 million in total.

Citing Grant Thornton' most recent report, The Independent
discloses that Fortress had been repaid NZ$20.9 million.  The
receivers said it expects to fully repay Fortress remaining debt
of NZ$2.5 million.

The Independent relates that Grant Thornton said debenture holders
can expect only 2 cents in the dollar and that is before interest
owed on the Fortress debt and the receivers' fees have been paid.


=================
S I N G A P O R E
=================


AXS-ONE PTE: Creditors' Proofs of Debt Due January 18
-----------------------------------------------------
Creditors of Axs-One Pte Ltd, which is in members voluntary
liquidation, are required to file their proofs of debt by Jan. 18,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Low Sok Lee Mona
         Teo Chai Choo
         C/O Low, Yap & Associates
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


BG CASTING: Creditors' Proofs of Debt Due January 18
----------------------------------------------------
Creditors of BG Casting Private Ltd, which is in members voluntary
liquidation, are required to file their proofs of debt by Jan. 18,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Seizaburo Kawaguchi
         8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


BRILLIANT MAGNESIUM: Creditors' Proofs of Debt Due January 18
-------------------------------------------------------------
Creditors of Brilliant Magnesium Pte Ltd, which is in members
voluntary liquidation, are required to file their proofs of debt
by January 18, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Seizaburo Kawaguchi
         8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


INTEGRAL BUILDING: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on December 4, 2009,
to wind up the operations of Integral Building Services Ptd Ld.

The Comptroller of Income Tax filed the petition against the
company.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road, #05-11/#06-11
         Singapore 069118


ITALIAN FOOD: Creditors' Proofs of Debt Due January 18
------------------------------------------------------
Creditors of Italian Food Services Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Jan. 18,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Victor Goh
         C/o Phoenix Corporate Advisory Pte Ltd
         #16-03, Amara Corporate Tower
         100 Tras Street
         Singapore 079027


JANN JIAR: Court to Hear Wind-Up Petition on January 8
------------------------------------------------------
A petition to wind up the operations of Jann Jiar Rubber Pte Ltd,
will be heard before the High Court of Singapore on January 8,
2010, at 10:00 a.m.

Eastland Produce Pte Ltd filed the petition against the company on
November 16, 2009.

The Petitioner's solicitors are:

         Attorneys Inc. LLC
         24 Raffles Place
         #25-06A Clifford Centre
         Singapore 048621.


KIDEAS HOLDINGS: Court to Hear Wind-Up Petition on January 15
-------------------------------------------------------------
A petition to wind up the operations of Kideas Holdings Pte Ltd.
will be heard before the High Court of Singapore on January 15,
2010, at 10:00 a.m.

Grandwork Interior Pte Ltd filed the petition against the company
on December 10, 2009.

The Petitioner's solicitor is:

         Ascentsia Law Corporation
         10 Anson Road
         #03-01 International Plaza
         Singapore 079903


KINDRED PTE: Creditors' Proofs of Debt Due January 29
-----------------------------------------------------
Creditors of Kindred Pte Ltd, which is in voluntary liquidation,
are required to file their proofs of debt by January 29, 2010, to
be included in the company's dividend distribution.

The company's liquidator is:

         Heng Lee Seng
         15 Hoe Chiang
         Road #12-02
         Tower Fifteen
         Singapore 089316


MAX ELECTROMART: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on December 11, 2009,
to wind up the operations of Max Electromart & Handphone Private
Limited.

Standard Chartered Bank filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road, #05-11/#06-11
         Singapore 069118


QUANTEC REALTY: Creditors Get 10.5% Recovery on Claims
------------------------------------------------------
Quantec Realty Pte Ltd declared the final dividend on December 18,
2009.

The company paid 10.50% to the received claims.


SINGAPORE COMPONENT: Creditors' Proofs of Debt Due January 13
-------------------------------------------------------------
Creditors of Singapore Component Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Jan. 13,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Chua Keng Khng
         89 Short Street
         #08-11 Golden Wall Centre
         Singapore 188216


SUBSEA FLUIDS: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on December 11, 2009,
to wind up the operations of Subsea Fluids Pte Ltd.

T3 Energy Services, Inc., filed the petition against the company.

The company's liquidators are:

         Lim Lee Meng
         Chee Yoh Chuang
         Stone Forest Corporate Advisory Pte Ltd
         8 WilkieRoad
         #03-08 WilkieEdge
         Singapore 228095


TAN PENG: Creditors Get 1.09917% Recovery on Claims
---------------------------------------------------
Tan Peng Construction Pte Ltd declared the first and final
dividend on December 9, 2009.

The company paid 1.09917% to the received claims.

The company's liquidator is:

         The Official Receiver
         The URA Centre (EastWing)
         45 Maxwell Road #06-11
         Singapore 069118


UNI-BULK SERVICES: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on December 4, 2009,
to wind up the operations of Uni-Bulk Services Pte Ltd.

Horizon Mobile Communications (HK)Co. Ltd filed the petition
against the company.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road, #05-11/#06-11
         Singapore 069118


===========
T A I W A N
===========


WATERLAND FINANCIAL: Fitch Gives Stable Outlook; Keeps All Ratings
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on Taiwan's Waterland
Financial Holdings and its subsidiaries International Bills
Finance Corporation and Waterland Securities Corporation to Stable
from Negative.  The agency has simultaneously affirmed all their
ratings.  The rating actions follow an annual review of Waterland
group's credit profile.

The Outlook revision and rating affirmations on Waterland group
reflect the group's capacity to maintain solid capitalization and
liquidity, despite the large credit losses arising from IBF's
asset-backed commercial paper underwriting position (backed by
crisis-hit troubled synthetic CDOs) and the slowdown in Taiwan
economy.  The exposure to troubled ABCP position was entirely
removed through a write-off (TWD4.3 billion) in late 2008.
Meanwhile, credit quality of the rest of the group's assets
remained reasonably good amid the economic downturn.  Total
problem exposures continued to decline in 2008-9M09, and were
covered by sufficient reserves and good-quality underlying
collateral in real estate.

WFH positions itself as a niche financial group with core
businesses in dealing fixed income securities and corporate
banking.  It intends to keep up its leading position in the money
markets and increase the earning contribution from the equity-
related operations through acquisitions.  In view of the group's
high reliance on wholesale funding and limited product offering,
WFH is actively looking for opportunities to acquire a commercial
bank in Taiwan.

After a net loss due to impaired ABCPs in 2008, WFH returned to
reasonable profits in 9M09 (11% annualized return on equity) as
interest rate spreads widened upon sharply reduced funding cost
and increased risk premium, and a strong recovery in Taiwan's
stock market.  In 2010, Fitch expects the group to maintain
reasonable profitability underpinned by likely continued favorable
money market spreads and gradually improving productivity of WSC's
brokerage operations.  As a precaution to guard against potential
rises in interest rates, the group gradually reduced the duration
of fixed-income investments in 9M09 and actively hedges the
associated interest rate risks.  The group's stock holdings have
increased notably amid the stock market recovery.  Though the
associated risk is manageable, it could raise its earning
volatility.

WFH's liquidity is adequate, with cash dividend inflows from
subsidiaries comfortably covering the holding company's standalone
operating expenses and interest payments.  Moreover, IBF's funding
through bills and bond repurchase agreements is backed by high-
quality fixed-income securities while repo counterparties are
generally diversified.  WSC also has a liquid balance sheet with a
current ratio of 144% at end-H109.  WFH and its subsidiaries are
well-capitalized, with IBF's capital adequacy ratio increased to
15.6% at end-H109 from 14.2% at end-H108 due to a decline in
guarantee offering.  Meanwhile, WSC's CAR was 283% at end-
September 2009, which is higher than the regulatory minimum
requirement of 150%.

Established in March 2002, WFH is the only financial group with a
principal operating subsidiary in bills finance.  IBF is a wholly-
owned subsidiary of WFH and is the second largest bills finance
company by assets (22% of the sector, including guarantees, at
end-September 2009) in Taiwan.  WSC had a 2.48% market share of
equity brokerage in Taiwan at end-September 2009.

WFH

  -- Long-term foreign currency Issuer Default Rating affirmed at
     'BBB-'; Outlook revised to Stable from Negative;

  -- Short-term foreign currency IDR affirmed at 'F3';

  -- National Long-term rating affirmed at 'A(twn)'; Outlook
     revised to Stable from Negative;

  -- National Short-term rating affirmed at 'F1(twn)';

  -- Individual rating affirmed at 'C';

  -- Support affirmed at '5'; and

  -- Support Rating Floor affirmed at 'NF'.

IBF

  -- Long-term foreign currency IDR affirmed at 'BBB'; Outlook
     revised to Stable from Negative;

  -- Short-term foreign currency IDR affirmed at 'F3';

  -- National Long-term rating affirmed at 'A+(twn)'; Outlook
     revised to Stable from Negative;

  -- National Short-term rating affirmed at 'F1(twn)';

  -- Individual rating affirmed at 'C';

  -- Support affirmed at '4'; and

  -- Support Rating Floor affirmed at 'B+'.

WSC:

  -- Long-term foreign currency IDR affirmed at 'BBB-'; Outlook
     revised to Stable from Negative;

  -- Short-term foreign currency IDR affirmed at 'F3';

  -- National Long-term rating affirmed at 'A(twn)'; Outlook
     revised to Stable from Negative;

  -- National Short-term rating affirmed at 'F1(twn)';

  -- Individual rating affirmed at 'D'; and

  -- Support affirmed at '2'.


                         *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Valerie C. Udtuhan, Marites O. Claro,
Rousel Elaine C. Tumanda, Joy A. Agravante, Frauline S. Abangan,
and Peter A. Chapman, Editors.

Copyright 2009.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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